For decades, research on firms’ environmental strategies has attempted to establish whether it paid to be green, investigating the relationship between corporate environmental performance (CEP) and corporate financial performance (CFP). It has produced heterogeneous results, although most recent works suggest that being green does pay in the longer term. This panel aims to discuss some key aspects of firms’ environmental strategies that have been mostly overlooked by strategy research and brings together scholars who have developed a strong expertise in the topic. For instance, the panelists will discuss some of the following alternative questions: Will firms “go green” if it pays? Does being green pay enough? Who should make it pay more and how? How do competitive dynamics affect the CEP-CFP relationship? Does it pay to look green? Does it hurt to be brown? The panelists will share their ongoing work and discuss avenues for future research in the area.